Typical electric power networks include components such as circuit breakers, disconnectors, grounding switches, tie breakers, power transformers, overhead lines, underground cables, and the like. The condition of a component may have a great effect on the reliability of the power network. For example, a component that has been well maintained is probably not as likely to cause a power outage as compared to a component that has been completely neglected. Therefore, many electric utilities implement maintenance programs with the hope of improving asset utilization, enhancing power network reliability, and reducing overall operation and maintenance costs.
Electric utilities traditionally follow scheduled maintenance programs. For example, an electric utility may perform preventive maintenance in accordance with a manufacturer's recommended maintenance schedule. Such a technique, however, can lead to over-maintaining or under-maintaining a power network component or spending valuable resources on maintaining relatively unimportant components while not directing those resources to the critical power network components.
With the recent deregulation of power utilities and its resulting budget constraints, performing an appropriate amount of maintenance on the appropriate equipment is important for success in the market. Meanwhile, transmission reliability has become a major concern of establishing effective and efficient regional markets because of overdue grid development and aging bulk transmission facilities. This combination of shrinking budgets and aging power networks is making it more and more important to select the appropriate maintenance to perform.
Therefore, a need exists for a system and method for implementing value-based transmission asset maintenance management of electric power networks.